1. Read the following information on the issuance of shares for Aztec Corporation and journalize the following transactions. You may want to use a spreadsheet or similar format to record these and then crop your response in the space below (7.5 marks)

Aztec Corporation was incorporated on January 1, 2021. It is authorized to issue an unlimited number of $10 preferred shares ($2 dividend) that have no par value, and are cumulative and 1,000 common shares of no par value. The following share transactions were completed during the first year:

1. Jan. 1 Issued 100 common shares for cash at $40 per share.
2. Mar. 21 Issued 10,000 preferred shares for land. The land was listed for sale at
3. $110,000, but was valued by a licensed appraiser at $100,000.
4. Apr. 17 Issued 200 common shares to pay a consultants bill of $8,000.
5. July 23 Issued 5,000 preferred shares for cash at $10 per share.
6. Sept. 1 Issued 20 common shares to a law firm for payment of their bill of $800 to file
7. the companys incorporation documents.
8. Sept. 1 Issued 40 common shares for $2,000 cash.
9. Dec. 18 Issued 6,000 preferred shares for cash at $10 each.

2. Calculate the year-end balance in each of the share capital accounts. Once again, you may want to record these in a spreadsheet and crop your response below